March 1, 2019 / 2:21 PM / 8 months ago

Eaton to spin off its lighting business unit

(Reuters) - U.S. industrial conglomerate Eaton Corp Plc said on Friday it would spin-off its lighting business unit, which makes LED lighting and controls, with sales of about $1.7 billion in 2018.

Eaton, which makes a wide array of products ranging from filters for oil and gas industries to components for the aerospace sector, reported sales of $21.6 billion last year.

The spin-off, which is aimed at creating an independent, publicly traded company, is expected to be completed by the end of 2019, Eaton said.

Goldman Sachs is serving as the company’s financial adviser on the deal.

Reporting by Ankit Ajmera in Bengaluru; Editing by James Emmanuel

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